试论我国国债市场的发展

On the Development of the Government Bond Market in China

我国国债市场的发展自一开始就和我国的经济改革和发展紧密联系在一起,成为经济改革和发展的重要一环。2008年金融危机席卷全球之际,一些发达国家的国债市场成为了一个"避险"的天堂,这对于提出我国国债市场的发展战略具有非常重要的借鉴意义。我国国债市场的发展战略包括:发行特种国债实行国民经济第三次债务大重组;进一步发挥国债市场在利率市场化进程中的作用;继续发展国债市场,形成统一的市场体系;借鉴欧洲美元市场的发展经验,立足人民币国际化,发展国债离岸市场。

The development of the government bond market in China has been closely related with the reform and development of China＇s economy since the beginning and has become an impor- tant link in the economic reform and development. When the 2008 financial crisis was sweeping across the globe, the bond markets in some developed countries became a ＂hedging＂ paradise. This offers a very important reference to the proposed development strategy of the government bond market in China. The development strategy of China＇s government bond market includes the issuance of spe- cial treasury bonds to implement the third debt reorganization of the national economy, giving the government bond market a further role in the process of interest rate liberalization, continuing to de- velop the bond market to form a unified market system, and learning from the development experi- ence of the Eurodollar market to develop the national debt offshore market based on RMB interna- tionalization.